| 业期现日报 | 投资咨询业务资格:证监许可 | 【2011】1292号 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年11月21日 | 纪元菲 | Z0013180 | | | | | | | | | | 现货价格及主力合约基差 | 11月20日 | 11月19日 | 涨跌 | 涨跌幅 | 单位 | 品种 | | | | | | 华东通氧S15530工业硅 | 9550 | 9450 | 100 | 1.06% | 墓差 (通室S15530章准) | 475 | 60 | 415 | 691.67% | | | 华东SI4210工业硅 | 9750 | 9800 | 50 | 0.51% | 元/吨 | 基差 (Sl4210基准) | -75 | -440 | 82.95% | 365 | | 新疆99硅 | 9000 | 8850 | 1.69% | 120 | 基差(新疆) | 725 | 260 | 465 | 178.85% | | | 月间价差 | 合约 | ...

Core Viewpoint - The aluminum alloy industry in China is experiencing significant growth, with a notable increase in production and a positive outlook for the coming years [1] Industry Summary - As of September 2025, China's aluminum alloy production reached 1.78 million tons, marking a year-on-year increase of 17.1% [1] - From January to September 2025, the cumulative production of aluminum alloys in China totaled 14.116 million tons, reflecting a cumulative growth of 15.9% [1] - The report by Zhiyan Consulting outlines the market operation pattern and strategic analysis of the aluminum alloy industry in China from 2026 to 2032 [1] Company Summary - Listed companies in the aluminum industry include China Aluminum (601600), Nanshan Aluminum (600219), Mingtai Aluminum (601677), Yun Aluminum (000807), Xinjiang Zhonghe (600888), Yiqiu Resources (601388), Haomei New Materials (002988), Asia Pacific Technology (002540), and Shunbo Alloy (002996) [1]

| 辅导对象 | 宝鸡西工钛科技股份有限公司 | | | | --- | --- | --- | --- | | 成立日期 | 2011-10-19 | | | | 注册资本 | 5,389.7161 万元 | 法定代表人 | 吴玉常 | | 注册地址 | 陕西省宝鸡市高新开发区凤凰五路北段一号 | | | | 控股股东及 持股比例 | 吴玉常(59.5555%) | | | | 行业分类 | (C32)有色金属冶炼和 压延加工业 | 在其他交易场所 (申请)挂牌或上 | 无 | | | 市的情况 | | | | 备注 | 3 年内未提交首次公开发行股票/存托凭证并上市申请 | | | 瑞财经 刘治颖 11月17日，宝鸡西工钛科技股份有限公司（以下简称：西工钛）在陕西证监局完成IPO 辅导备案，辅导机构为国金证券股份有限公司。 西工钛成立于2011年，注册资本为5389.7161万元，业务涵盖高端钛合金产品研发、生产及带料加工， 2023年公司引进中国科学院金属研究所的专利产品技术，转型成为航空航天用高温钛合金材料，尤其是 大规格棒材的产业化基地，公司产品已在航空、航天、船舶、电力、石化等多个领域的重大型号上 ...

| 业期现日报 | 投资咨询业务资格:证监许可 | 【2011】1292号 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年11月21日 | 纪元菲 | Z0013180 | | | | | | | | | | 现货价格及主力合约基差 | 11月20日 | 11月19日 | 涨跌 | 涨跌幅 | 单位 | 品种 | | | | | | 华东通氧S15530工业硅 | 9550 | 9450 | 100 | 1.06% | 墓差 (通室S15530章准) | 475 | 60 | 415 | 691.67% | | | 华东SI4210工业硅 | 9750 | 9800 | 50 | 0.51% | 元/吨 | 基差 (Sl4210基准) | -75 | -440 | 82.95% | 365 | | 新疆99硅 | 9000 | 8850 | 1.69% | 120 | 基差(新疆) | 725 | 260 | 465 | 178.85% | | | 月间价差 | 合约 | ...

11月21日，嘉元科技跌5.31%，截至发稿，报33.90元/股，成交1.54亿元，换手率1.05%，总市值144.50 亿元。嘉元科技股价已经连续3天下跌，区间累计跌幅9.34%。 易方达上证科创板200ETF（588270）成立日期2025年6月5日，最新规模1.83亿。成立以来收益 28.36%。 易方达上证科创板200ETF（588270）基金经理为李博扬。 资料显示，广东嘉元科技股份有限公司位于广东省梅州市梅县区雁洋镇文社村，成立日期2001年9月29 日，上市日期2019年7月22日，公司主营业务涉及各类高性能电解铜箔的研究、生产和销售。主营业务 收入构成为：锂电铜箔83.77%，其他收入12.64%，标准铜箔3.58%。 从基金十大重仓股角度 数据显示，易方达基金旗下1只基金重仓嘉元科技。易方达上证科创板200ETF（588270）三季度持有股 数5.97万股，占基金净值比例为1.22%，位居第四大重仓股。根据测算，今日浮亏损失约11.35万元。连 续3天下跌期间浮亏损失22.05万元。 责任编辑：小浪快报 截至发稿，李博扬累计任职时间1年223天，现任基金资产总规模57.59亿元，任职期间最佳 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Lichong Group, indicating a slight decline in stock price and significant financing activities on November 20 [1] - On November 20, Lichong Group's stock price fell by 0.32%, with a trading volume of 283 million yuan. The financing buy-in amount was 19.95 million yuan, while the financing repayment was 31.45 million yuan, resulting in a net financing outflow of 11.50 million yuan [1] - As of November 20, the total balance of margin trading for Lichong Group was 379 million yuan, with the financing balance accounting for 2.72% of the circulating market value, indicating a high level compared to the past year [1] Group 2 - As of November 10, the number of shareholders in Lichong Group was 27,300, a decrease of 18.22% from the previous period, while the average circulating shares per person increased by 22.28% to 20,406 shares [2] - For the period from January to September 2025, Lichong Group reported a revenue of 22.92 billion yuan, representing a year-on-year growth of 18.34%, and a net profit attributable to shareholders of 625 million yuan, reflecting a year-on-year increase of 26.77% [2] Group 3 - Lichong Group has distributed a total of 730 million yuan in dividends since its A-share listing, with 339 million yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder of Lichong Group, holding 14.42 million shares, an increase of 10.84 million shares from the previous period [3]

Core Viewpoint - The company, Electric Alloy (300697), announced a correction of accounting errors in its Q3 2025 financial report, specifically affecting the consolidated balance sheet, but not impacting the profit and cash flow statements [1][2]. Financial Corrections - The correction involved adjustments to accounts receivable and payable, with accounts receivable revised from 104 million to 53.65 million, a decrease of 50 million [1][3]. - Total current assets and total assets were also reduced by 50 million, resulting in corrected total assets of approximately 2.164 billion [1][3]. - Accounts payable were adjusted from 294 million to 244 million, similarly decreasing by 50 million [1][3]. - The overall liabilities and equity totals were also reduced by 50 million, reflecting the same adjustments [1][3]. Financial Ratios - Following the corrections, the debt-to-asset ratio improved from 44.43% to 43.14% [2]. Business Performance - For the first three quarters of 2025, the company reported revenue of 2.293 billion, a year-on-year increase of 25.11%, and a net profit attributable to shareholders of 127 million, up 38.45% [4]. - In August, the company announced plans to issue convertible bonds to raise up to 545 million, with proceeds intended for a high-performance copper and alloy production project and to supplement working capital [4]. Project Funding - The total investment for the high-performance copper and alloy production project is 485.77 million, with 388 million expected to be funded from the bond issuance [5]. - An additional 157 million is earmarked for working capital and bank loan repayment [5]. Dividend Distribution - Over the past three years, the company has distributed a total of 186 million in cash dividends [5]. Market Performance - As of November 20, the company's stock price was 15.77 per share, with a total market capitalization of 6.823 billion [6].

Core Viewpoint - The company, Minfa Aluminum (002578.SZ), indicated that its revenue from products related to the new energy sector, specifically aluminum profiles for battery trays, constitutes a small portion of its overall revenue and will not significantly impact its operational performance [2] Group 1 - The company produces aluminum profiles primarily for battery trays related to electric vehicles [2] - The sales revenue from these products is relatively minor compared to the company's total revenue [2] - The company expressed gratitude for investor interest in its operations [2]

江西铜业公告称，因2024年回购股份，截至2025年10月30日回购专用证券账户有1044.18万股，按规定 该部分股份不参与利润分配，故本次2025年半年度权益分派需进行差异化分红。公司拟以206480.56万 股为基数，每10股派现金红利4元（含税），共计派发现金红利8.26亿元。经计算，本次差异化分红对 公司A股除权除息参考价格影响绝对值为0.005%，小于1%，影响较小，且符合相关规定，不损害公司 和股东利益。 ...

Core Viewpoint - Hunan Silver's stock has shown strong performance this year, with a maximum increase of over 100%, prompting major shareholders to announce share reduction plans [2][6]. Group 1: Shareholder Reduction Plans - China Great Wall Asset Management Co., Ltd. (Great Wall Asset Management), the fourth largest shareholder, plans to reduce its holdings by up to 55 million shares, accounting for 1.95% of Hunan Silver's total share capital, between December 11, 2025, and March 10, 2026 [2][3]. - The second largest shareholder, Chenzhou State-owned Capital Holding Group Co., Ltd. (Chenzhou State Control), announced a plan to reduce its holdings by up to 56.46 million shares, representing 2% of the total share capital, from November 10, 2025, to February 9, 2026 [3][4]. Group 2: Shareholding Background - Both Great Wall Asset Management and Chenzhou State Control acquired their shares through Hunan Silver's 2020 restructuring plan, with Chenzhou State Control holding 210 million shares and Great Wall Asset Management holding 159 million shares [4][5]. - The restructuring involved a court ruling in November 2020, allowing these entities to acquire shares as part of the capital reserve adjustment process, with Chenzhou State Control investing 266.7 million yuan and Great Wall Asset Management investing 146.05 million yuan [5]. Group 3: Financial Performance - As of November 19, 2025, Hunan Silver's closing price was 6.34 yuan, giving it a market capitalization of over 17 billion yuan [5]. - Chenzhou State Control's 210 million shares are valued at approximately 1.3314 billion yuan, about five times its investment, while Great Wall Asset Management's 115 million shares are valued at approximately 729.1 million yuan, also about five times its investment [5]. - For the first three quarters of 2025, Hunan Silver reported revenue of 8.594 billion yuan, a year-on-year increase of 59.56%, and a net profit of 159 million yuan, up 28.44% [6].